The Saudi National Housing Company (NHC) has recorded a significant growth in residential unit sales during the first half of 2024, reported the Saudi Press Agency (SPA).
Promising Figures
The residential unit sales totaled SAR 13.5bn in H1 2024, with the sales of over 13,000 units. This marks a fourfold increase compared to the same period last year.
This achievement is a culmination of the continued efforts to meet the needs of citizens across the Kingdom’s Regions and all segments of society, with a focus on delivering an integrated urban environment that promotes the quality of life.
The Central Region, especially Riyadh, led the sales growth, with 7,000 units sold, valued at SAR 8bn in projects such as Khazam and Al-Fursan suburbs, the Al-Asalah district, and the Dana Al-Mashreqiya.
Meanwhile, sales in Jeddah, Makkah, and Madinah reached 4,799 units, compared to 2,500 units in the same period last year, driven by projects in the Sedayem suburb, the Makkah Gate suburb, and the Al-Sadn district.
Additionally, the Eastern Province doubled its contract growth compared to the previous year, with 1,599 units sold in Al-Wajha and Qamra districts.
NHC Success
The substantial growth in residential unit sales is the product of numerous urban projects launched by the NHC, in line with the objectives of Saudi Vision 2030 to boost homeownership to 70%.
Moreover, this exceptional growth is a result of NHC’s adoption of the concepts of comprehensive development and sustainable urban planning. These concepts provide an integrated lifestyle encompassing residential, social, recreational, and health amenities in a single community. They also aim to increase the density of green spaces and ensure easy access to all facilities and services through safe pedestrian and cycling paths.
Furthermore, NHC offers financing options that suit citizens from all society segments.
Ambitious Plans
As the key driver of Saudi Arabia’s real estate sector, NHC is leading urban development and showing a strong commitment to quality of life.
It plans to deliver more than 300,000 housing units across nine suburbs and six residential communities by the end of 2025. These projects will cover an area exceeding 100 million square meters and accommodate over 1.5 million citizens.
